USDCAD Daily Analysis – August 4, 2020

USDCAD moved sideways in a trading range between 1.3330 and 1.3458. The sideways movement is likely consolidation for the downtrend from 1.3715, and further decline towards 1.3200 is possible after the consolidation. Near term resistance is at 1.3458, a breakout of this level could bring the price back towards the falling trend line on the 4-hour chart.

USDCAD 4-hour chart